Does not reflect Bitcoin price movement exactly Ethereum continues to struggle with the current resistance. The price continues to test key crossover support, raising concerns about the upcoming rally. Although ETH has been trying to regain resistance recently, it is starting to show that a retest of lower support may be more likely.
Daily chart, leading altcoinIt shows that is close to triggering a bounce from the underlying key support falling inside an ascending triangle. Volume is showing an upward trend, but buying pressure is not yet sufficient. Therefore, if a recovery is confirmed before the close of the day, the new month’s trading can be expected to start on a bullish note.
As we reported as Koinfinans.com, Ethereum price is testing the lower critical support and the day’s trading is constantly oscillating between a bullish and bearish trend. This indicates serious competition between both, which could have a major impact on the upcoming monthly close. Additionally, the technical formation raises some concerns as the DMI is in a downtrend. ADX is moving towards lower support, indicating a decrease in the strength of the rally. Additionally, +Di and -Di are closer to a downward transition.
Therefore, the possibility of a decline below $2000 may arise at any time. If the bulls show weakness here, the rally could trigger a sharp decline towards the lower support below $1800. However, a recovery remains more likely as the token has consolidated below $2200 without any weekly closes above these levels for the last 1.5 years. Therefore, Altcoin Sherpa, a popular analyst, believes that ETH price could reach $3000 in the next few months.
$ETH: This one is so obvious to me. It’s going to go to $3000+ within the next few months and there’s nothing you can do about it. No 1W close above this $2200 level in 1.5 years, ofc it’s going to break it given the landscape. #Ethereum pic.twitter.com/lnhAyj5UKjNEWS CONTINUES BELOW
— Altcoin Sherpa (@AltcoinSherpa) November 29, 2023
Therefore, it is believed that Ethereum price will trade within an ascending triangle until it reaches its peak. Moreover, by the end of the first two weeks, the price is expected to trigger a bullish breakout beyond $2200.